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Real Estate (Regulation and Development) Act 2016 !!

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Rajya Sabha cleared the Real Estate (Regulation and Development) 2016, which aims at setting up a real estate regulator, protecting the interest of buyers, increasing the disclosure norms for developers and increasing the transparency in the industry. The recommendations of the standing committee of Parliament on urban development and suggestions of various stakeholders including consumer organizations, industry associations, academia and experts have been taken into consideration. The Act came into force from May 1st 2016.
Project Size and Applicability:

The applicability of the Act has been extended to commercial, in addition to residential real estate. Further, ongoing projects that have not received Completion Certificates have also been brought under the purview of the Act and such projects will need to be registered with the Regulator within three months.

All the residential projects admeasuring 500 sq mtr or more than 8 apartments have to be registered with the authority; ther…